Our Portfolio

SOLD: 230 Units — Greater Miami

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RESULTS

Units: 230
Year built: 1991 Phase I / 1994 Phase II
Location: Port St. Lucie, Florida
Purchase price (2017): $26.75 million
1031 exchanges: 5
Equity invested: $10 million
CapEx budget: $3.1 million
Sale price (2021): $41.5 million

  • Investor IRR: 24.0%
  • Equity multiple: 2.0x

Investment Highlights

Waterleaf Townhomes & Apartments is located on Florida’s east coast approximately 50 miles north of West Palm Beach. Port St. Lucie is best known for its award-winning PGA Village golf resort and for hosting the New York Mets’ spring training camp. Port St. Lucie is also part of Florida’s Research Coast.

IMG acquired this 230-unit townhome community in 2017 for $26.75 million. The Company invested $3.1 million on renovations in the townhome interiors plus the fitness center, pools, sports park, and other common-area amenities. IMG’s renovations attracted renters who paid an average $200 premium for the upgrades.

IMG sold the property in March 2021 for $41.55 million. IMG and its investors exchanged the proceeds as part of a long-term multifamily investment strategy.